Forex Technical Analysis: Trend potential – Re-sell EUR/USD at 1.1533

EURUSD – Up

Technical observation

On the 4 hour chart above, EUR/USD has been trading on a downwards trend with retracement at the resistance line 1.1533.Price recently rose steadily to the line but could not penetrate above it and was rejected before moving down. Right now it is pulling back to the same line and I expect nothing but a rejection of it at the line for possible bearish momentum of price towards 1.1441 and a possible breakout below it for a further decline in EUR towards 1.1344. I would advise you wait and re-sell this pair at 1.1533 with your take profit at 1.1441 and stop loss around 1.1574.Only short position can be recommended on the chart above.

Technical levels

Resistance levels

R1.1.1509

R2.1.1511

R3.1.1518

Pivot

1.1505

Support levels

S1.1.1502

S2.1.1498

S3.1.1491

Trade signal

Re-sell EUR/USD at 1.1533 with your take profit at 1.1441 and stop loss around 1.1574.

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